Bob Edlin: The deal that an ACT MP says shows how Kainga Ora scammed themselves

An iwi has made a profit of around $2 million by flipping Wellington’s Dixon Street flats for just over $3 million less than three weeks after buying the block from Kāinga Ora for $1.04 million.

OneRoof reports that Taranaki Whānui Limited resold the flats after buying it for much less than the market valuation from the state housing agency.

The purchaser, the Wellington Company, plans to develop 117 apartments at the site, preserving its historic status.